Professional Documents
Culture Documents
3023
ACCOUNTING AND AUDITING ORGANIZATION
FOR ISLAMIC FINANCIAL INSTITUTIONS ( AAOIFI )
AAOIFI formerly known as Financial Accounting Organization for Islamic
Bank and Financial Institutions.
AAOIFI is an Islamic international autonomous non-for-profit corporate body
that prepares accounting, auditing, governance, ethics and Shari'a standards for
Islamic financial institutions and the industry
Established in accordance with the Agreement of Association which was signed
by Islamic financial institutions on 1 Safar, 1410H corresponding to 26 February,
1990 in Algiers
Registered on 11 Ramadan 1411 corresponding to 27 March, 1991 in the State
of Bahrain.
Responsible for formulation, issuance of finance standards and developing
new standards and also reviewing existing standards
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supported by institutional members including
central banks,Islamic financial institutions, and other
participants from the international Islamic banking
and finance industry, worldwide.
gained assuring support for the implementation of
its standards, which are now adopted in the
Kingdom of Bahrain, Dubai International Financial
Centre, Jordan, Lebanon, Qatar, Sudan and Syria
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The relevant authorities in Australia, Indonesia,
Malaysia, Pakistan, Kingdom of Saudi Arabia, and South
Africa have issued guidelines that are based on AAOIFIs
standards and pronouncements.
to support technical application of standards, AAOIFI
offers the following professional qualifications programs.
Certified Islamic Professional Accountants (CIPA)
Certified Shariaa Adviser and Auditor (CSAA)
MISSION
Standardization and harmonization of international
Islamic finance practices and financial reporting in
accordance to Shariah
VISION
To guide Islamic financial markets operation and
financial reporting on Shariah principle and rules.
To provide Islamic financial markets with a
standard that can support growth of the industry.
To develop accounting and auditing thoughts relevant to
Islamic Financial Institutions
IFRS AAOIFI
IFRS AAOIFI
Type-specific. All-encompassing.
Accounting. Accounting,
Shariah,
Auditing, Ethics, and
Governance.
AAOIFI standards issued
for specific Islamic banking
and finance practices not
covered by IFRS / IASB
standards.
AAOIFI standards issued IFRS / IASB standards that
because IFRS / IASB can be adopted by IFIs
standards cannot be (therefore AAOIFI does not
adopted in whole by issue similar ones and
Islamic financial allows adoption of those
institutions (IFIs). standards).
Categories of
accounting
standards for IFIs
Categories of accounting standards for IFIs